Foreclosures and Unemployment

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"Foreclosures and Unemployment"

Bad mortgage loans played a role in touching off the banking panic and the recession. But of course people who lose their jobs thanks a recession and can’t find new ones are also likely to be unable to pay their mortgages. Hence the fairly tight link between unemployment and mortgage delinquency:

UnemploymentDelinquency2009 1

Of particular note here is the Florida/Nevada/Arizona troika that’s way up above the line where you seem to have had a disproportionate number of really crazy loans.

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